Uniswap’s UNI has grown in favor of investors as the token continues its upward trajectory in the face of crucial on-chain developments. According to CoinGecko, the token surged 30% since last month, keeping the token on the green zone. With the market’s renewed bullishness, UNI might be on the road for some gains in the short term. 

Uniswap recently announced a development that may enhance user experience in using the platform altogether. Investors are excited as the platform continues to find innovative ways to improve user engagement. 

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Gas Abstraction: A Leap For Uniswap UX? 

Across Protocol’s Chief Technology Officer, Matt Rice, and Uniswap’s Staff Software Engineer, Mark Toda recently discussed about the ERC-7702 which, if passed, would introduce a new transaction type known as externally owned accounts (EOAs). In general, ERC-7702 will implement gas abstraction, a feature that would both improve user experience and save users a ton of money in the process. 

ERC-7702 Uniswap’s next big leap 🦄@MarkToda from @uniswap talks with @mrice32 about how gas abstraction could simplify DeFi for millions. Is this the user experience revolution we’ve been waiting for? pic.twitter.com/UVR3Mid5HQ

— Across (@AcrossProtocol) September 24, 2024

According to Mark Toda, the biggest obstacle for gas abstraction to be successfully implemented is authorizing a users address without gas on-chain. 

“…Think about it right now, if you are trying to send some tokens on some random chain and you’re trying to swap out of there or do anything there, right now you need to have a native token to pay the gas…or authorize the contract of some sort to take your tokens,” Toda said when asked about a scenario where a user swaps tokens with no available chains on the platform. 

To put it simply, ERC-7702’s most notable feature regarding gas sponsorship which helps users pay gas fees distinct from their chain of origin. This feature, once ERC-7702 is implemented, will greatly improve cross-interoperability, enhancing user experience. 

As of writing, ERC-7702 is still in its draft stage which means the new on-chain goodies featured between Toda and Rice are still subject to revision. Nonetheless, it presents a good future for the Uniswap community. 

UNI: Investors Should Watch These Levels

As of writing, UNI has continued to make ground against the bears in the medium term which places the token at the gates of the $7.518 resistance level. This crucial resistance level might continue to resist in the coming days as the market hits its peak after days of continued bullish movement. 

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With this in mind, investors should monitor the token’s movement in the coming hours and days as this may determine the trajectory of the token. If UNI breaks through this crucial resistance level, it opens the door toward $9.012 in the medium term. 

However, if $7.518 remains unbeaten or the bulls breakthrough for a short while before pulling back, it might trigger a downward movement by the bears targeting $5.899 in the medium term. 

Featured image from Pexels, chart from TradingView

Moo Deng, the recently launched Solana Pump.fun token, continued rising on Saturday, reaching an all-time high as the fear of missing out set in.

Moo Deng (MOODENG), a hippo-themed token, jumped to a record high of $0.3495, bringing the weekly gains to over 700%. Its market cap has soared to over $300 million, making it the biggest token in the Pump.fun ecosystem.

Moo Deng holders are rising

The rally triggered FOMO, or ‘fear of missing out,’ among traders, as evidenced by the rising number of holders.

Coincarp data shows an uptick in the number of holders — over 24,140. That’s much higher than this week’s low of 9,000. Solscan data shows that the holders have hit 27,000.

There are signs that whales are accumulating tokens. According to Lookonchain, a whale acquired Moo Deng tokens worth over $1.59 million.

The whale now holds Moo Deng tokens worth $3.57 million.

Minting Millionaires

Data by DexScreener shows one trader who bought coins worth $7,172 and made $1 million in profit. Another trader spent $14,000 and exited with a $976,000 profit within a few days. 

However, some traders have missed an opportunity by exiting very early. One of them sold tokens worth $297, which would now be worth over $6.3 million.

Moo Deng’s surge happened as the meme coin recovery accelerated. Most of these tokens have soared by double digits in the last seven days. Dogecoin (DOGE), the biggest meme coin, rose by 15.8%, while Shiba Inu (SHIB) pumped by 35%. 

Popcat (POPCAT), a top Solana (SOL) token, achieved a market cap of $1 billion for the first time, while the total valuation of all of these coins has jumped to over $55 billion. 

Fear and greed index rises

Many investors are embracing a risk-on sentiment after the Fed slashed interest rates and the Chinese government announced a series of stimulus measures.

Central banks in the U.S., Europe, and most Asian countries have slashed rates to prevent a hard landing. Subsequently, the crypto fear and greed index approached the greed zone of 60.

The CNN Money index has risen to the greed area of 68 while the US dollar index has dropped to $100.40.

The risk for Moo Deng investors is that most cryptocurrencies are highly volatile. Typically, when a coin surges, there is always a risk of a harsh reversal. 

For example, Shiba Inu initially soared to a record high of $0.000088 in 2021 and then crashed by over 93% to $0.0000058 in 2022. Dogecoin also soared to an all-time high of $0.4845 and has dropped by 74% to the current $0.1230.